Small businesses are adopting technology and artificial intelligence to compete, according to a study released by the U.S. Chamber of Commerce.
While 23% of small business owners said inflation is their biggest challenge, the second biggest challenge is technology needs.
The study found that nearly 60% of small businesses are using AI in their business operations, which is double the amount from 2023.
Technology is being credited by 8 in 10 business owners with helping them cope with inflation, supply chain disruptions and improving their access to capital. And 77% are concerned that limits on technology would negatively impact their growth, operations, ability to reach customers and bottom line.